Nils Pratley on finance + Marks & Spencer | The Guardianhttps://www.theguardian.com/business/nils-pratley-on-finance+marksspencer
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M&S tries to reinvent itself – but things are always happening to it | Nils Pratleyhttps://www.theguardian.com/business/nils-pratley-on-finance/2017/nov/08/m-and-s-paddington-bear-marks-spencer
<p>Like Paddington Bear, Marks &amp; Spencer’s good intentions are often frustrated by events – in its case, tough trading conditions</p><p>Paddington Bear, the star of Marks &amp; Spencer’s <a href="https://www.theguardian.com/business/2017/nov/07/ms-christmas-ad-paddington-bear-marks-spencer-john-lewis">Christmas ad</a>, always kept a marmalade sandwich in his hat in case of emergency. M&amp;S itself just reaches for another restructuring.</p><p>The <a href="https://www.theguardian.com/business/2017/nov/08/marks-and-spencer-speeds-up-shut-down-of-clothing-scales-back-simply-food">latest rejig</a> is not the full sandwich, it should be said. Chief executive Steve Rowe is merely accelerating the store closure programme and making the expansion of Simply Food simply slower.</p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2017/nov/07/ms-christmas-ad-paddington-bear-marks-spencer-john-lewis">M&amp;S Christmas ad uses Paddington Bear to target family audience</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2017/nov/08/m-and-s-paddington-bear-marks-spencer">Continue reading...</a>Marks & SpencerRetail industryGlaxoSmithKlinePharmaceuticals industryWomen in the boardroomGenderBusinessFashionLife and styleUK newsWed, 08 Nov 2017 19:59:28 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2017/nov/08/m-and-s-paddington-bear-marks-spencerPhotograph: Marks & Spencer/PAPhotograph: Marks & Spencer/PANils Pratley2017-11-08T19:59:28ZHinkley Point C: watchdog confirms fears of political vanity project | Nils Pratleyhttps://www.theguardian.com/uk-news/nils-pratley-on-finance/2017/jun/23/hinkley-point-c-nuclear-energy-risky-expensive-national-audit-office
<p>NAO report condemns ‘risky and expensive’ nuclear project that went ahead despite the economic case crumbling</p><p>The National Audit Office does not use excitable phrases like “utter shambles.” But <a href="https://www.theguardian.com/uk-news/2017/jun/23/spending-watchdog-condemns-risky-expensive-hinkley-point-c-nuclear">the spending watchdog’s verdict on Hinkley Point C</a>, the nuclear power plant in Somerset that is supposedly inevitable, amounts to the same thing. The government “has locked consumers into a risky and expensive project with uncertain strategic and economic benefits”.</p><p>The 80-page report confirms one’s worst fears about how ministers fell in love with Hinkley. First, they wedded themselves to an inflexible financial model. Then they agreed commercial terms with developer EDF in 2013, when energy prices were sky-high, and ploughed on regardless when the economic case for Hinkley started to crumble.</p><p> <span>Related: </span><a href="https://www.theguardian.com/uk-news/2017/jun/23/spending-watchdog-condemns-risky-expensive-hinkley-point-c-nuclear">Spending watchdog condemns 'risky and expensive' Hinkley Point</a> </p><p> <span>Related: </span><a href="https://www.theguardian.com/info/2017/may/16/guardian-business-today-sign-up-financial-news-email">Business Today: sign up for a morning shot of financial news</a> </p> <a href="https://www.theguardian.com/uk-news/nils-pratley-on-finance/2017/jun/23/hinkley-point-c-nuclear-energy-risky-expensive-national-audit-office">Continue reading...</a>Hinkley Point CBusinessNuclear powerEnergy industryEDF EnergyEnergyUK newsAppleImagination TechnologiesHalfordsExecutive pay and bonusesMarks & SpencerRetail industryTechnology sectorFri, 23 Jun 2017 06:38:23 GMThttp://www.theguardian.com/uk-news/nils-pratley-on-finance/2017/jun/23/hinkley-point-c-nuclear-energy-risky-expensive-national-audit-officePhotograph: Adrian Sherratt for the GuardianPhotograph: Adrian Sherratt for the GuardianNils Pratley2017-06-23T06:38:23ZIs M&S being radical enough as it slips out of fashion? | Nils Pratleyhttps://www.theguardian.com/business/nils-pratley-on-finance/2017/may/24/m-and-s-fashion-clothing-homewares-market
<p>The retailer is to axe 10% of the space devoted to its struggling clothing and homewares – but the market is moving on</p><p>Marks &amp; Spencer’s share price has improved 10% since Archie Norman, lately of ITV and once of Asda, <a href="https://www.theguardian.com/business/2017/may/05/m-and-s-archie-norman-chairman-marks-spencer">was named as the next chairman earlier this month</a>. This show of faith in one non-executive is remarkable, but one can almost understand why it’s happened.</p><p>After a decade of modernisation programmes under former chief executives Stuart Rose and Marc Bolland – and another five years in prospect under Steve Rowe – poor old M&amp;S shareholders must be crying out for a proven outsider’s analysis of where it’s all leading, and how quickly. Since 2012, M&amp;S has clocked up an astonishing £890m in “adjustments to reported profit”, of which the latest £437m is the biggest contributor. Needless to say, the adjustments have all been downwards. </p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2017/may/24/m-and-s-profits-clothing-sales-restructuring">M&amp;S profits dive by nearly two-thirds as clothing sales slide</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2017/may/24/m-and-s-fashion-clothing-homewares-market">Continue reading...</a>Marks & SpencerRetail industryBusinessUK newsFood & drinkFashionLife and styleRoyal Bank of ScotlandBankingWed, 24 May 2017 13:40:53 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2017/may/24/m-and-s-fashion-clothing-homewares-marketPhotograph: Phil Noble/ReutersPhotograph: Phil Noble/ReutersNils Pratley2017-05-24T13:40:53ZAdam Crozier will leave ITV looking a picture of healthhttps://www.theguardian.com/business/nils-pratley-on-finance/2017/may/03/adam-crozier-leave-itv-looking-picture-of-health
<p>Broadcaster faces tougher ad market and streaming rivals but was in a much worse position when its chief executive joined</p><p>Adam Crozier, it could be said, <a href="https://www.theguardian.com/media/2017/may/03/itv-chief-executive-adam-crozier-steps-down">is leaving ITV</a> at a good moment for him. The business has been reinvented from its basket-case status in 2010 but now faces a tougher advertising market and the march of Netflix, Amazon and whoever comes next. Up to a point, that’s correct. ITV’s advertising revenues fell last year for the first time since 2009 and the US arrivals have deep pockets and grand ambitions. But there’s another way to view the screen: ITV has overcome bigger hurdles.</p><p>Back in 2010, the company carried so much debt it couldn’t afford to pay a dividend. It made few programmes that sold abroad and Sky and YouTube were the existential threats of the day. The City despaired. It thought a rescue rights issue was inevitable and analysts promoted <a href="https://www.theguardian.com/business/2010/jan/31/itv-demerger-threat">the drastic remedy of ditching programme making</a> and becoming a pure broadcaster that would buy in all its content.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2017/may/03/adam-crozier-leave-itv-looking-picture-of-health">Continue reading...</a>ITVAdam CrozierBusinessMediaJ SainsburyRetail industrySupermarketsMarks & SpencerHalfordsWed, 03 May 2017 18:50:32 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2017/may/03/adam-crozier-leave-itv-looking-picture-of-healthPhotograph: Nick Briggs/ITV PLCPhotograph: Nick Briggs/ITV PLCNils Pratley2017-05-03T18:50:32ZWill Lloyds chief enjoy plain sailing or will he jump ship? | Nils Pratleyhttps://www.theguardian.com/business/nils-pratley-on-finance/2017/apr/27/antonio-horta-osorio-lloyds-banking-marks-and-spencer-astrazeneca
<p>Lloyds is riding high, but allure of global stage could prove enough to entice António Horta-Osório away from comfortable gig</p><p>Lloyds Banking Group’s bad and impaired loans stand at historically low levels. Its net interest margin – the best measure of a bank’s profitability – is the highest in the UK sector, and still rising. It is <a href="https://www.theguardian.com/business/2017/apr/27/lloyds-profits-ppi-hbos">generating capital faster than expected</a>. The end is in sight on PPI provisions. And the state’s stake has been reduced to 2%, with the last of the shares to be sold in coming weeks. A good moment, then, for chief executive António Horta-Osório to bow out after six years at the helm? </p><p>Horta-Osório says he’s happy in his post and there is more to do. Not everybody is convinced by that answer, since six years counts as a long innings for a FTSE 100 chief executive and he’s constantly linked with the vacancy at HSBC. An exit can’t be ruled out. But, actually, committing to a couple more laps of the track at Lloyds is surely a highly attractive prospect. With a 25% share of the UK retail market, the bank is currently playing in a league of its own and can expect to do so for years.</p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2017/apr/21/lloyds-bank-bailout-repaid-in-full-philip-hammond-claims">Lloyds bank bailout repaid in full, says Philip Hammond</a> </p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2017/apr/27/this-is-not-just-any-online-grocer-ms-plans-food-delivery-service">This is not just any online grocer … M&amp;S plans food delivery service</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2017/apr/27/antonio-horta-osorio-lloyds-banking-marks-and-spencer-astrazeneca">Continue reading...</a>BusinessLloyds Banking GroupBankingMarks & SpencerRetail industryAstraZenecaPharmaceuticals industryExecutive pay and bonusesAntónio Horta-OsórioUK newsSupermarketsFood & drink industryCorporate governanceFinancial sectorFri, 28 Apr 2017 10:56:34 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2017/apr/27/antonio-horta-osorio-lloyds-banking-marks-and-spencer-astrazenecaPhotograph: Peter Nicholls/ReutersPhotograph: Peter Nicholls/ReutersNils Pratley2017-04-28T10:56:34ZA new stock market bubble? Neil Woodford may have a pointhttps://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/12/tesco-supertanker-tough-turn-around-christmas-sales
<p>The top fund manager’s likening of the recent run of record FTSE closes to the dotcom bubble should be noted</p><p>If you’re a fund manager who returned 3.2% in 2016, a year in which the UK stock market improved almost 17%, you need to offer your investors an explanation. Here’s Neil Woodford’s: <a href="https://www.theguardian.com/business/2017/jan/12/top-fund-manager-likens-trump-market-rally-to-dotcom-bubble">it was a momentum-driven market and he’s a manager who looks for fundamental value</a>.</p><p>He hunted for that value in some rotten places, such as Capita and Next, but he makes a fair statistical point. The market went crazy for oils and commodity stocks last year, sectors avoided by Woodford’s £9.6bn UK Equity Income fund. If you strip out the six biggest oil and mining heavyweights, plus HSBC, the FTSE All-Share index improved by 8.2%, not the actual 16.8%.</p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2017/jan/12/tesco-sales-festive-season">Tesco hails turnaround as festive sales increase</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/12/tesco-supertanker-tough-turn-around-christmas-sales">Continue reading...</a>TescoSupermarketsRetail industryBusinessStock marketsFTSEMarks & SpencerThu, 12 Jan 2017 19:31:27 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/12/tesco-supertanker-tough-turn-around-christmas-salesPhotograph: Juan Carlos Hidalgo/EPAPhotograph: Juan Carlos Hidalgo/EPANils Pratley2017-01-12T19:31:27ZItalian banks are living on borrowed time … and moneyhttps://www.theguardian.com/business/nils-pratley-on-finance/2016/dec/13/italian-banks-are-living-on-borrowed-time
<p>The €13bn refinancing is good short-term news for Italy and the European banking system but it was needed years ago</p><p>Hurrah, some of the world’s largest banks have been rounded up to underwrite <a href="https://www.theguardian.com/business/2016/dec/13/italian-banking-crisis-unicredit-to-raise-13bn-euros">a €13bn (£11bn) rights issue at the giant Italian lender UniCredit</a>. This is unequivocally good short-term news for Italy and the European banking system since the alternative would have been an immediate crisis for both.</p><p>Yet, eight years after the global banking crash, Italian and European banking regulators should hang their heads in shame that a bank the size of UniCredit should require such a large infusion of fresh capital. This is UniCredit’s third fundraising since 2008, a damning statistic. Do it once and do it properly, says the old rule of refinancing. In Italy’s case, the authorities pretended that time would wash away a slug of the bad loans in the system. Instead, in a stagnant Italian economy, the rot spread.</p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2016/dec/13/italian-banking-crisis-unicredit-to-raise-13bn-euros">Italian banking crisis: UniCredit to raise €13bn</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/dec/13/italian-banks-are-living-on-borrowed-time">Continue reading...</a>BusinessEuropean banksItalyBankingEuropeMarks & SpencerNissanTue, 13 Dec 2016 20:30:32 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/dec/13/italian-banks-are-living-on-borrowed-timePhotograph: Stefano Rellandini / Reuters/ReutersPhotograph: Stefano Rellandini / Reuters/ReutersNils Pratley2016-12-13T20:30:32ZSmall businesses should not have had to shout about RBS to be heardhttps://www.theguardian.com/business/nils-pratley-on-finance/2016/nov/08/small-businesses-rbs-royal-bank-scotland-marks-pencer
<p>The perception remains that an apology, not to mention a few quid in redress, has been dragged out of Royal Bank of Scotland</p><p>Royal Bank of Scotland did not tip healthy small businesses into default and did not seek to profit from their collapse. Nor did it request personal injections of cash from owners when it had already decided a business was doomed, <a href="https://www.theguardian.com/business/2016/nov/08/rbs-facing-400m-bill-to-compensate-small-business-customers">says the Financial Conduct Authority</a>. But it did sometimes charge fees it didn’t explain properly, and there was a failure to support small businesses “in a manner consistent with good turnaround practice”. Thus the bank will pay compensation to address “poor outcomes” at a cost of about £400m. Is everybody happy now?</p><p>Of course not. The period under the microscope is 2008-13, so the process of inspection has been painfully slow. The perception also remains that an apology, not to mention a few quid in redress, has had to be dragged out of RBS.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/nov/08/small-businesses-rbs-royal-bank-scotland-marks-pencer">Continue reading...</a>BusinessRoyal Bank of ScotlandBankingRegulatorsMarks & SpencerRetail industryTue, 08 Nov 2016 19:11:49 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/nov/08/small-businesses-rbs-royal-bank-scotland-marks-pencerPhotograph: Vladimir Zakharov/Getty/Moment OpenPhotograph: Vladimir Zakharov/Getty/Moment OpenNils Pratley2016-11-08T19:11:49ZLegal & General looks set to weather Brexit stormhttps://www.theguardian.com/business/nils-pratley-on-finance/2016/jun/28/legal-general-brexit-john-kingman
<p>Financial services group assumed 50% probability of leaving EU and is chaired by experienced former civil servant</p><p>Sir John Kingman has never chaired a public company, let alone been an important member of the FTSE 100 index, but suddenly his arrival at Legal &amp; General looks inspired, or at least less of a gamble.</p><p>Kingman was second permanent secretary at the Treasury and thus one of the country’s most senior civil servants. He should be a useful big brain for L&amp;G’s board to call upon to explain the finer points of the commercial carve-up that will be UK’s renegotiation of its trading relationship with the European Union.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/jun/28/legal-general-brexit-john-kingman">Continue reading...</a>Legal and GeneralBrexitBusinessEuropean UnionEuropeForeign policyInsurance industryPoliticsUK newsWorld newsSir Philip GreenMarks & SpencerAntónio Horta-OsórioBankingRetail industryLloyds Banking GroupTue, 28 Jun 2016 19:17:48 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/jun/28/legal-general-brexit-john-kingmanPhotograph: Alessia Pierdomenico/ReutersPhotograph: Alessia Pierdomenico/ReutersNils Pratley2016-06-28T19:17:48ZSteve Rowe has good ideas. But we don't need to hear about 'Mrs M&S'https://www.theguardian.com/business/nils-pratley-on-finance/2016/may/25/steve-rowe-good-ideas-mrs-m-and-s-marks-spencer
<p>Marks &amp; Spencer’s new boss has a firm grip on the problems facing the retailer, but a slightly looser one on rhetoric</p><p>Steve Rowe’s <a href="https://www.theguardian.com/business/2016/may/25/marks-spencer-boss-says-recovery-plan-will-weigh-on-profits-clothes">first outing</a> as chief executive of Marks &amp; Spencer contained an odd mix of refreshing candour plus a surprising dose of the jargon that has infected too many M&amp;S bosses over the years.</p><p>The encouraging part is that Rowe has given up the pretence that a return to growth in clothing lies around the next corner, which was predecessor Marc Bolland’s pitch for the past two years.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/may/25/steve-rowe-good-ideas-mrs-m-and-s-marks-spencer">Continue reading...</a>Marks & SpencerBusinessRetail industryBHSSir Philip GreenMortgagesMoneyPropertySajid JavidPoliticsWed, 25 May 2016 18:07:36 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/may/25/steve-rowe-good-ideas-mrs-m-and-s-marks-spencerPhotograph: Imagewise Ltd/REX/ShutterstockPhotograph: Imagewise Ltd/REX/ShutterstockNils Pratley2016-05-25T18:07:36ZMarks & Spencer chief's dash for the door is perfectly timedhttps://www.theguardian.com/business/nils-pratley-on-finance/2016/jan/07/marks-spencer-chief-executive-exit
<p>Marc Bolland’s reign was better than critics suggest, but six years is a long time for a FTSE 100 boss</p><p><a href="http://www.theguardian.com/business/2016/jan/07/ms-boss-marc-bolland-to-step-down">Marc Bolland’s dash for the exit at Marks &amp; Spencer</a> is well timed. He could, almost certainly, have survived yet another set of dire clothing sales figures because the food division continued its strong run over Christmas. What’s more, the chairman, Robert Swannell, has never seemed the axe-wielding type.</p><p>A departure in April suits all parties. Bolland gets to choose his moment and can point out correctly that six years counts as a long stint for a FTSE 100 chief executive these days. The new boss, Steve Rowe, who did four good years in food, had seemed earmarked for the top job since he was switched last July to clothing. Best to get him in post before his food halo slipped with the rotten 5.8% like-for-like decline in general merchandise over the festive period.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/jan/07/marks-spencer-chief-executive-exit">Continue reading...</a>OilBusinessCommoditiesMarc BollandMarks & SpencerRetail industrySupermarketsStock marketsThu, 07 Jan 2016 20:03:29 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/jan/07/marks-spencer-chief-executive-exitPhotograph: Isopix/RexPhotograph: Isopix/RexNils Pratley2016-01-07T20:03:29ZVW emissions scandal still obscured by a cloudhttps://www.theguardian.com/business/nils-pratley-on-finance/2015/nov/04/vw-emissions-scandal-still-obscured-by-a-cloud
<p>The carmaker’s beleaguered management insist they are aiming for clarity. But obvious questions are still not being answered</p><p>The surprise is that Volkswagen’s shares fell only 10% as <a href="http://www.theguardian.com/business/2015/nov/04/vw-volkswagen-shares-slide-10-carbon-dioxide-revelations">the cheating affair deepened in several ways</a>. First, the scandal now covers emissions of carbon dioxide, or CO<sub>2</sub>, not only nitrogen oxide. Second, some petrol engines are now involved. Third – perhaps most importantly for shareholders who hope VW can recover quickly – the company still seems incapable of giving a straightforward account of what its own investigation has uncovered.</p><p>Tuesday evening’s statement contained the obligatory expressions of regret and commitment to transparency. Indeed, Matthias Müller, the executive shoved into the hot seat in the first week of the crisis, opted for pomposity overdrive.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2015/nov/04/vw-emissions-scandal-still-obscured-by-a-cloud">Continue reading...</a>Volkswagen (VW)Greenhouse gas emissionsAutomotive industryBusinessClimate changeEnvironmentMarks & SpencerMarc BollandRetail industryWed, 04 Nov 2015 20:41:06 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2015/nov/04/vw-emissions-scandal-still-obscured-by-a-cloudPhotograph: Damien Meyer/AFP/Getty ImagesPhotograph: Damien Meyer/AFP/Getty ImagesNils Pratley2015-11-04T20:41:06ZBreaking up BT should only be the end of the linehttps://www.theguardian.com/business/nils-pratley-on-finance/2015/jul/16/breaking-up-bt-should-only-be-the-end-of-the-line
<p>Sky and TalkTalk want Ofcom to force BT to split off the infrastructure division Openreach but the case for such radical action is weak and it might do nothing </p><p>Should BT be <a href="http://www.theguardian.com/media/2015/jul/16/bt-openreach-broadband-ofcom-review">broken up</a>? Should Openreach, the bit that owns and manages the copper-and-fibre network and sells its services not only to BT Retail but also to rivals, be liberated and run separately?</p><p>The temptation to answer yes is strong. Read Sky’s submission to the regulator Ofcom and be shocked by stories of Openreach’s incompetence. The outfit changes the agreed installation date for Sky customers on average about 36,000 times a month, it is claimed. More than 500 appointments each month are missed. Almost one in 10 installations takes longer than 30 days. So it goes on.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2015/jul/16/breaking-up-bt-should-only-be-the-end-of-the-line">Continue reading...</a>BTTalkTalkSky plcBusinessMediaTelecommunications industryOfcomVirgin MediaBarclaysCorporate governanceMarks & SpencerMarc BollandSerious Fraud OfficeQatarBankingLawMiddle East and North AfricaRetail industrySupermarketsUK newsWorld newsThu, 16 Jul 2015 20:43:36 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2015/jul/16/breaking-up-bt-should-only-be-the-end-of-the-linePhotograph: Bloomberg/Bloomberg via Getty ImagesPhotograph: Bloomberg/Bloomberg via Getty ImagesNils Pratley2015-07-16T20:43:36ZTruth of Bolland's reign at M&S lies between extreme caricatureshttps://www.theguardian.com/business/blog/2015/may/20/marks-spencer-bolland-reign-at-ms-lies-between-extreme-caricatures
<p>The chief executive’s initial hubris and now, apparent competence, are the far reaches of a spectrum of trials and enhancements for Marks &amp; Spencer</p><p>Two years ago, Marc Bolland was being asked whether he could cling on to his job as chief executive of Marks &amp; Spencer in the face of seemingly perpetual flops in its clothing lines. Today the line of questioning is different: might he choose to depart on a high, declaring his work to be done? Neither extreme view was, or is, an exact fit. M&amp;S under Bolland never failed as severely as the caricature suggested. But nor is it even remotely restored to cruising altitude.</p><p>Bolland’s error at the outset – one reason why he invited so much criticism – was to suggest that M&amp;S could be overhauled within three years. He had to abandon his sales targets, embarrassingly, after a single lap of the track. Look back at <a href="http://corporate.marksandspencer.com/investors/43ed01ada46542559308ef724e89d1a4">that November 2010 presentation</a> and laugh. The plan was to “grow total sales to £11.5bn–£12.5bn by 2013-14”. </p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/may/20/marks-spencer-profits-jump-mark-bolland">Marks &amp; Spencer profits jump for first time in four years</a> </p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/may/20/marks-spencer-what-analysts-say">Marks &amp; Spencer: what the analysts say</a> </p> <a href="https://www.theguardian.com/business/blog/2015/may/20/marks-spencer-bolland-reign-at-ms-lies-between-extreme-caricatures">Continue reading...</a>Marks & SpencerBusinessRetail industryMarc BollandWed, 20 May 2015 09:58:24 GMThttp://www.theguardian.com/business/blog/2015/may/20/marks-spencer-bolland-reign-at-ms-lies-between-extreme-caricaturesPhotograph: Getty ImagesPhotograph: Getty ImagesNils Pratley2015-05-20T09:58:24ZCan Barclays' new chairman repeat Aviva magic?https://www.theguardian.com/business/nils-pratley-on-finance/2015/apr/29/barclays-john-macfarlane-new-chairman-aviva
<p>John McFarlane struck like a whirlwind in the hotseat at Aviva. How will he fare at beleaguered Barclays after a year in the regulatory ringer?</p><p>Welcome to Barclays, John McFarlane, here’s what life has to offer: a fresh £800m provision for rigging currency markets, taking the running total to £2bn.</p><p>The new chairman won’t be surprised by this turn of events, but you can understand why the old one, Sir David Walker, closed his speech at the annual meeting last week by thanking shareholders for their patience. The tide of provisions at Barclays has been so strong since 2012 that investors are weary of ever seeing the cleaned-up, technologically savvy bank the chief executive, Antony Jenkins, keeps talking about.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2015/apr/29/barclays-john-macfarlane-new-chairman-aviva">Continue reading...</a>BusinessBarclaysJ SainsburyNextMarks & SpencerBankingRetail industrySupermarketsRegulatorsWed, 29 Apr 2015 18:22:51 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2015/apr/29/barclays-john-macfarlane-new-chairman-avivaPhotograph: Graham Turner for the GuardianPhotograph: Graham Turner for the GuardianNils Pratley2015-04-29T18:22:51ZJim Mullen is right to disassociate Ladbrokes from business letterhttps://www.theguardian.com/business/nils-pratley-on-finance/2015/apr/02/jim-mullen-ladbrokes-business-letter-richard-glynn
<p>In a dig at his predecessor, new chief says: ‘Our business is to take bets on the general election, not to tell people how to vote.’ Well said.</p><p>Jim Mullen’s task as chief executive of Ladbrokes is to do better than his predecessor, the hapless but well-remunerated Richard Glynn. Two days into the job, he has started splendidly. Glynn signed the pro-Tory letter to the Daily Telegraph from business people. Mullen has disassociated himself and Ladbrokes from it.</p><p> <span>Related: </span><a href="http://www.theguardian.com/politics/2015/apr/02/astrazeneca-and-ladbrokes-withdraw-support-for-pro-tory-election-letter">Three business leaders distance themselves from pro-Tory letter</a> </p><p>We are apolitical</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/apr/02/marks-spencer-clothing-sales-rise-for-first-time-in-four-years">Marks &amp; Spencer clothing sales rise for first time in four years</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2015/apr/02/jim-mullen-ladbrokes-business-letter-richard-glynn">Continue reading...</a>BusinessLadbrokesMarks & SpencerAlliance TrustPoliticsThu, 02 Apr 2015 18:51:30 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2015/apr/02/jim-mullen-ladbrokes-business-letter-richard-glynnPhotograph: Dan Abraham/racingfotos.com/RexPhotograph: Dan Abraham/racingfotos.com/RexNils Pratley2015-04-02T18:51:30ZTime for the EU to tackle Luxembourg over taxhttps://www.theguardian.com/business/nils-pratley-on-finance/2014/dec/08/nils-pratley-on-finance-luxembourg
Belatedly, cash-strapped western governments are being forced to acknowledge extent of legal tax avoidance by multinationals<p>As showbusiness, the public accounts committee’s latest session on tax avoidance worked splendidly.</p><p>Kevin Nicholson, head of tax at PricewaterhouseCoopers, and Fearghus Carruthers, head of tax at FTSE 100 group Shire, looked suitably ridiculous as they tried to argue that the appeal of Luxembourg is not all about reducing a company’s tax bill.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2014/dec/08/nils-pratley-on-finance-luxembourg">Continue reading...</a>PricewaterhouseCoopersShireMarks & SpencerMarc BollandBHPBusinessLuxembourgEuropean UnionJean-Claude JunckerWorld newsMon, 08 Dec 2014 23:29:51 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2014/dec/08/nils-pratley-on-finance-luxembourgPhotograph: Nicolas Bouvy/EPAA view of of PricewaterhouseCoopers' Luxembourg headquarters. Photograph: Nicolas Bouvy/EPAPhotograph: Nicolas Bouvy/EPAA view of of PricewaterhouseCoopers' Luxembourg headquarters. Photograph: Nicolas Bouvy/EPANils Pratley2014-12-08T23:29:51ZM&S investors should look beyond the tills for encouragement | Nils Pratleyhttps://www.theguardian.com/business/nils-pratley-on-finance/2014/nov/05/marks-spencer-investors-profits-cash-generation-dividends
The long-term picture at M&amp;S hasn’t changed, but in the medium term, profits, cash generation and dividends ought to improve<p>There have been so many false dawns at Marks &amp; Spencer during Marc Bolland’s four years as chief executive that any cheery noises should be treated with extreme care. But there is a reason why the share price is up 9% today: after three years of declines, <a href="http://www.theguardian.com/business/2014/nov/05/marks-spencer-first-profit-4-years-weathers-hits-clothing" title="">profits are on track to increase this financial year</a>.</p><p>The holy grail – consistently higher clothing sales – hasn’t been achieved, though. Five better months were undone by one bad one. Warm weather took the blame but, remember, Next still reported higher sales in the “hot September” quarter. M&amp;S, still losing market share in clothes, remains miles away from that league.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2014/nov/05/marks-spencer-investors-profits-cash-generation-dividends">Continue reading...</a>Marks & SpencerRetail industryBusinessWed, 05 Nov 2014 12:45:24 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2014/nov/05/marks-spencer-investors-profits-cash-generation-dividendsPhotograph: Oli Scarff/Getty ImagesA Simply Food branch of Marks & Spencer in London. Like-for-like sales in the food side of the business are up 1%. Photograph: Oli Scarff/Getty ImagesPhotograph: Oli Scarff/Getty ImagesA Simply Food branch of Marks & Spencer in London. Like-for-like sales in the food side of the business are up 1%. Photograph: Oli Scarff/Getty ImagesNils Pratley2014-11-05T12:45:24ZM&S shrugs off website teething troubles – and sends Santa its wishlisthttps://www.theguardian.com/business/nils-pratley-on-finance/2014/jul/08/marks-and-spencer-shrugs-off-website-problems
The retailer had to improve its online presence, but slowing its web usage from 20% growth to minus 8% shrinkage was an underwhelming result<p><a href="http://www.theguardian.com/business/2014/jul/08/marks-spencer-m-and-s-marc-bolland-shareholder-pressure-agm" title="">We haven't got a website problem, Marks &amp; Spencer bosses</a> said repeatedly on Tuesday; the new site is just in a "settling-in period" and all will be well for Christmas.</p><p>Well, OK, no one ever said these technological overhauls are straightforward. <a href="http://www.theguardian.com/technology/2014/mar/10/journalism-democracy-algorithms-facebook-google-twitter" title="">Google's mysterious search algorithms</a> seem to reset themselves to zero when presented with anything new. And <a href="http://www.theguardian.com/business/marksspencer" title="">M&amp;S</a> definitely needed to dive in: relying on <a href="http://www.theguardian.com/books/booksblog/2014/jul/08/amazon-battle-hachette-readers-writers-retailers-ebooks" title="">Amazon</a> to take the orders and run the website promised long-term malaise.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2014/jul/08/marks-and-spencer-shrugs-off-website-problems">Continue reading...</a>Marks & SpencerRetail industryBusinessOnline shoppingConsumer affairsMoneyAmazonInternetE-commerceTechnologyTue, 08 Jul 2014 18:13:31 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2014/jul/08/marks-and-spencer-shrugs-off-website-problemsPhotograph: Christopher Thomond/PRPinning hopes on a Christmas upturn … an M&S shopper in Sheffield. Photograph: Christopher ThomondPhotograph: Christopher Thomond/PRPinning hopes on a Christmas upturn … an M&S shopper in Sheffield. Photograph: Christopher ThomondNils Pratley2014-07-08T18:13:31ZHow has Next outperformed M&S?https://www.theguardian.com/business/nils-pratley-on-finance/2014/mar/20/how-has-next-outperformed-marks-and-spencer
Next has adapted better to the online world than its rivals - and it has been run by chief executive Lord Wolfson on straightforward financial lines<p>Back in 2008, when Marks &amp; Spencer reported pre-tax profits a shade over £1bn, Next was announcing £498m. Going back a decade, when M&amp;S's profits hit their absolute peak of £1.17bn in 1998, Next stood at just £184m. <a href="http://www.theguardian.com/business/2014/mar/20/next-profits-marks-spencer-rise" title="">Yet Next's £695m this year should eclipse M&amp;S by about £80m</a>. It has been a mighty swing in fortunes.</p><p>As you would expect, the divergence in share prices has been just as stark. M&amp;S's shares still stand below their level in 1998, those far-off days when internet access at home was a novelty. By contrast, Next shareholders have enjoyed a ninefold gain since then, not counting a steadily rising flow of dividends.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2014/mar/20/how-has-next-outperformed-marks-and-spencer">Continue reading...</a>NextRetail industryBusinessMarks & SpencerUK newsThu, 20 Mar 2014 17:36:41 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2014/mar/20/how-has-next-outperformed-marks-and-spencerPhotograph: Ben Molyneux / Alamy/AlamyNext store. It's good for the corporate soul to have a near-death experience, as Next did in 1990. The day when the share price fell to 7p (versus £67.30 now) is still remembered. Photograph: Ben Molyneux / Alamy/AlamyPhotograph: Ben Molyneux / Alamy/AlamyNext store. It's good for the corporate soul to have a near-death experience, as Next did in 1990. The day when the share price fell to 7p (versus £67.30 now) is still remembered. Photograph: Ben Molyneux / Alamy/AlamyNils Pratley2014-03-20T17:36:41Z